Hedge funds have just been granted the ability to advertise and market more broadly. Predictably, they're grumbling about the thin rules they'll have to follow in exchange for their new freedom.

It's something of a victory for the hedge-fund industry, but it's hard to see how the newly granted ability to advertise has much upside for investors.

The Securities and Exchange Commission lifted the 80-year ban on the "general solicitation" by hedge funds earlier this month. This fall, hedge funds that choose to operate under a new part of the law will be able to advertise, sponsor events, provide more information on their Websites, market their funds in other ways, and speak more freely to the public and the...